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|12/10/2016 15:00:02||London Stock Exchange||Quarterly Report|
|12/10/2016 15:00:02||London Stock Exchange||Dividend Declaration|
|26/08/2016 16:21:02||London Stock Exchange||PDMR and PCA Dealing|
|26/08/2016 16:20:33||London Stock Exchange||PDMR and PCA Dealing|
|19/08/2016 17:39:33||London Stock Exchange||Acquisition of Asset|
|28/07/2016 18:29:37||London Stock Exchange||Acquisition of Asset|
|14/07/2016 16:44:07||London Stock Exchange||Director/PDMR Shareholding|
Frequency of research reports
Research reports on AMEDEO AIR FOUR PLUS LTD
Providers covering AMEDEO AIR FOUR PLUS LTD
2016 YTD Fund raising review – Topping up
05 Oct 16
Secondary issuance has dominated in 2016. 3i Infrastructure (3IN) led with a monster £385m raise (target: £350m) in May. At a sector level, infrastructure (£700m), property (£500m, mostly pre-Brexit vote), and renewables (£340m) tapped heavily in Q2 & Q3 2016. The IPO market remains quiet with only one primary launch in 2016; Hadrian’s Wall Secured Investments (HWSL) raised £80m for secured lending to SMEs including equipment finance, property development, and commercial loans. We also note that six funds have repurchased more than £50m of stock YTD.
11 Aug 15
The sector attracted a gross £2.8bn in Q2 (Q2 2014: £1.8bn) of which roughly two thirds came via IPO, dominated by Woodford Patient Capital (£800m, WPCT). Besides WPCT, issuance was lead by new and existing debt vehicles across a range of alternative sectors including CLOS, SME lending, property and aircraft leasing. Six new funds were launched in Q2, raising a total of £1.6bn (average £160m, ex WPCT) and have returned an average 6.5% on IPO price. Amedeo Air Four Plus (AA4) became the fifth aircraft leasing fund and the fourth to invest in Airbus A380s, offering a dividend yield of 8.25%. Ranger Direct lending (£135m) joined the SME debt line-up offering a 10% yield, targeting direct lending platforms in contrast to newer peer-to-peer platforms. WPCT increased the size of its IPO to £800m (from £500m) and is currently traded at a c15% premium to NAV with a tap issuance programme in place to manage the rating. Having struggled to raise the initial £100m target at launch, Miton UK MicroCap Trust has recently started to tap the market, raising an additional £4.6m in Q3, taking the market cap to c£55m.
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Fighting the waves
25 Oct 16
Management action in response to a tough trading climate and falling profits should contribute to a sound recovery in profits next year. Following share price weakness, the group is valued at a substantial discount to both the broking market leader Clarkson and to other peers. Meanwhile, if the dividend can be held, the shares offer a well above-average yield, pending an eventual improvement in trading conditions.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.
FY17 expectations unchanged. Interim dividend maintained
25 Oct 16
Interims reflect tough markets which impacted Technical. Shipbroking delivered a resilient result and Logistics has performed well. The interim dividend has been held at 9.0p. The group anticipate an improvement in H2. The Board’s expectations for the year are unchanged based upon the strength of the order book due in H2, its ongoing market coverage and the benefits of action taken previously. We have retained our FY2017 PBT forecast of £8.7m and a maintained dividend. We reiterate our Buy and adjust our TP to 450p.
N+1 Singer - Morning Song 20-10-2016
20 Oct 16
A highly disappointing update from Senior reports a number of issues adding up to the Group being behind expectations. Following the Flexonics issues over the past 12 months, there are now issues on the Aerospace side which are affecting the outlook. In a period when some stability was required, this is disappointing. We have downgraded FY16 EPS by 6.8% and, whilst we see Senior remaining a US takeover target, we move from Buy to Hold (target price down from 262p to 196p) until more clarity is available on the direction of the Group.